RLI (NYSE:RLI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday, January 8th. The brokerage currently has a $67.00 price objective on the insurance provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 12.87% from the stock’s current price.
According to Zacks, “RLI Corp. boasts one of the industry’s most profitable P&C writers with an impressive track record of underwriting profits in 37 of the past 41 years (particularly the last 21 years). Its ability to consistently increase dividend, announce special dividends, maintain combined ratios at favorable levels as well as a solid capital position are other positives. Continuous strategic investments to fortify Casualty segment bode well. The company also remains focused on strengthening its underwriting results and has decided to drop underperforming products in the property business. The company witnessed its Zacks Consensus Estimate for 2018 move north by 9% over the last 60 days. However, exposure to catastrophe loss and escalating expenses raise concerns. Shares of RLI Corp have underperformed the industry in a year.”
RLI has been the topic of a number of other research reports. Keefe, Bruyette & Woods set a $51.00 target price on shares of RLI and gave the company a “hold” rating in a research note on Wednesday, October 18th. Royal Bank of Canada reissued an “underperform” rating and set a $51.00 price objective (up previously from $50.00) on shares of RLI in a research note on Friday, October 20th. Finally, B. Riley reaffirmed a “neutral” rating on shares of RLI in a report on Monday, November 6th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. RLI currently has a consensus rating of “Hold” and a consensus target price of $57.67.
RLI (RLI) opened at $59.36 on Monday. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.17. The company has a market cap of $2,627.29, a P/E ratio of 32.98 and a beta of 1.27. RLI has a fifty-two week low of $50.34 and a fifty-two week high of $62.00.
RLI (NYSE:RLI) last issued its earnings results on Wednesday, October 18th. The insurance provider reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.44). The business had revenue of $196.20 million during the quarter, compared to analysts’ expectations of $195.89 million. RLI had a return on equity of 8.53% and a net margin of 9.97%. RLI’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.37 EPS. analysts predict that RLI will post 1.56 earnings per share for the current year.
In related news, Director Michael J. Stone sold 1,141 shares of the company’s stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $59.40, for a total transaction of $67,775.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael J. Stone sold 2,000 shares of the company’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $60.33, for a total transaction of $120,660.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,141 shares of company stock valued at $307,795. Company insiders own 6.09% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. State Street Corp grew its holdings in RLI by 2.4% during the 2nd quarter. State Street Corp now owns 6,297,222 shares of the insurance provider’s stock worth $343,954,000 after acquiring an additional 145,202 shares in the last quarter. Vanguard Group Inc. raised its position in shares of RLI by 1.1% in the 2nd quarter. Vanguard Group Inc. now owns 4,208,225 shares of the insurance provider’s stock valued at $229,853,000 after purchasing an additional 45,127 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of RLI by 3.2% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,712,682 shares of the insurance provider’s stock valued at $98,240,000 after purchasing an additional 53,112 shares during the last quarter. Dimensional Fund Advisors LP raised its position in RLI by 3.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,073,775 shares of the insurance provider’s stock worth $61,593,000 after buying an additional 33,357 shares during the last quarter. Finally, Northern Trust Corp raised its position in RLI by 2.5% during the 2nd quarter. Northern Trust Corp now owns 967,295 shares of the insurance provider’s stock worth $52,833,000 after buying an additional 23,902 shares during the last quarter. 83.58% of the stock is currently owned by institutional investors.
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RLI Company Profile
RLI Corp. is a specialty insurance company. The Company underwrites selected property and casualty insurance through subsidiaries, as well as offers insurance coverages in both the specialty admitted, and excess and surplus markets. It operates through Casualty, Property and Surety segments. Its Casualty segment consists of commercial and personal umbrella, general liability, commercial transportation, professional services, small commercial, executive products, medical professional liability and other casualty businesses.
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